Yes it is a relay. Per the wiring contact info in the picture, it is a single pole single throw relay, used to turn on a proposed high current load item/circuit by a low current supply control.
Replacement would be another same type relay with proper load ratings. NOTE it is not a flasher relay, but could control one.
Not knowing the application, am unable to say if it is your problem.

I'd recommend buying the cd's or books that reference your car to help with the issues. I bought a 69 specific cd rom off eBay and found it very useful. I also got a lot of help from the fine folks here!

I was eventually able to figure out that I needed to replace the column switch. That was after I replaced the trunk sequential unit...